Finance Bill 2012-13 has tightened the law regarding grant of exemption to charitable trusts or society by amending section 10(23C) , section 13 and 143 retrospectively so as to make the denial of exemption mandatory in case definition of Charitable Purpose is not fulfilled in a year . Sections 11 and 12 of the Act […]
In my earlier posting , confusion regarding claim of interests on loan borrowed for buying land was explained. One can read Is Ineterest on Loan for Buying Plot /Land Allowed Dedcution ? . Similar question has been asked by Vijay Kumar Babu residing in Visakhapatnam who asks " I have decided to buy a plot of land through home loan from PNB or HDFC Home Loan. its costs Rs.5 Lakhs. For your information at present I'm residing in my own residence.Now my query are
Scrutiny of the case is done by officer of the rank of Income Tax Officer (ITO ) and Assistant Commissioner of Income Tax (ACIT) ot Deputy Commissioner of Income tax. The jurisdiction has been distributed among these ranks as per return income. As per CBDT instruction , generally the ITOs have jursidiction over cases where return income is below Rs 10 lakhs whereas the jurisdcition of ACIT/DCIT are on all kinds of cases without any limit if return income.
It is already posted earlier -How to check income tax refund status online ? . It is reported that Central Processing Unit , presently functioning from Bangluru , has proceesed five lakhs of refund cases out of total 26 lakhs of e-return filed for Assessment year 2009-10 .
As per Board's letter F. No. 194/6/73-IT(A 1) Dated 19.06.73 exemption in respect of gratuity is permissible even in cases of termination of employment due to resignation. The taxable portion of gratuity will qualify for relief u/s 89(1).
The gratuity payment is a certainty in every case today
income tax on consultancy fee : Hi, I have a proprietorship concern. I have to pay 50% of the profits to a friend of mine who helps me in the conduct of business. He desires that that money be paid to him as consultancy fee. I do not have any registration other than PAN card. He is also not registered anywhere
Nowadays there are Real State Mgt companies who take Flat on Leave & License basis, maintain them & offer License fee to owner.I have a 3BHK Flat which I want to give to such agency. I will also incur furnishing expenses to tune fo Rs 3L. The current License Fee for the Flat is Rs...